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Zivo Bioscience, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in product revenue to $31,500 from $11,800 in the same quarter the previous year. The increase is attributed to higher sales volumes due to production capacity increases at the company's contract grower in Peru.
Cost of goods sold for the quarter was $22,050, compared to $7,670 in the same quarter of the previous year, reflecting increased product volumes.
The company reported a gross margin of $9,450 for the quarter, compared to $4,130 in the previous year.
General and administrative expenses increased to $1,943,127 from $1,355,865, primarily due to higher labor-related expenses and professional services.
Research and development expenses were $326,361 for the quarter, up from $220,653 in the previous year, with the increase attributed to higher internal costs and reduced third-party research studies.
Net loss for the quarter was $2,268,597, compared to $1,824,922 in the previous year.
Cash used in operating activities was $3,407,788 for the nine months ended September 30, 2024, compared to $5,084,160 in the previous year.
The company raised $3,292,811 through financing activities during the nine months ended September 30, 2024, primarily from direct sales of common stock.
Zivo Bioscience reported cash of $159,403 as of September 30, 2024, and acknowledges the need for additional funding to continue operations.
The filing also details the company's ongoing development of bioactive compounds and algal biomass production, with a focus on human and animal health applications.
The company identified material weaknesses in its internal controls over financial reporting and is implementing measures to address these issues.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Zivo Bioscience Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.